Exchange Fund Abridged Balance Sheet and Currency Board Account

On Thu, 30 Apr, The Hong Kong Monetary Authority ("HKMA") announced today (30 April) that the total assets of the Exchange Fund amounted to HK$4,342.3 billion as at 31 March 2026, HK$48.8 billion higher than that at the end of February 2026. Hong Kong dollar assets increased by HK$71.9 billion while foreign currency assets decreased by HK$23.1 billion.

Asset Composition and Movements

The increase in Hong Kong dollar assets primarily stemmed from Exchange Fund Bills and Notes issued but not yet settled at month end, partially offset by mark-to-market revaluation of Hong Kong equities. Conversely, the decline in foreign currency assets resulted mainly from mark-to-market revaluation of investments and redemption of Certificates of Indebtedness, partially mitigated by increased month-end balances of unsettled securities purchases and investment interest income.

Currency Board Account and Monetary Base

The Currency Board Account indicates the Monetary Base stood at HK$2,065.0 billion at the end of March 2026, a decrease of HK$6.6 billion (0.3%) from the end of February 2026. This reduction was chiefly driven by a decrease in the outstanding amount of Certificates of Indebtedness, partly offset by amortisation of discount on Exchange Fund Bills and Notes issued.

Backing Assets and Ratio

Backing Assets decreased by HK$5.8 billion (0.3%) to HK$2,300.1 billion at the end of March 2026, attributable to the redemption of Certificates of Indebtedness and mark-to-market revaluation of investments, partially offset by investment interest income. Consequently, the Backing Ratio rose from 111.32% at the end of February 2026 to 111.39% at the end of March 2026.

Disclosure Policy and Schedule

Annex 1: Abridged Balance Sheet of the Exchange Fund Annex 2: Currency Board Account Hong Kong Monetary Authority 30 April 2026 Currently, the HKMA issues four press releases monthly regarding Exchange Fund data. Three releases disseminate monetary data per the International Monetary Fund’s Special Data Dissemination Standard ("SDDS"), while the fourth, covering the Abridged Balance Sheet and Currency Board Account, aligns with the HKMA’s transparency policy.

For the month of April 2026, the scheduled press release dates are as follows: 9 April (Issued) SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures); 14 April (Issued) SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund); 30 April SDDS Template on International Reserves and Foreign Currency Liquidity; and 30 April Exchange Fund Abridged Balance Sheet and Currency Board Account.